Swissquote H1 2026: Client Assets Near CHF 100B, Crypto Income Dives

Swissquote, one of the largest online forex and CFD brokers in Europe, announced its first-half 2026 results on [date], showing record client assets and steady growth in most business lines, but a sharp decline in crypto-related income dragged overall profitability.

The company reported client assets of CHF 96.3 billion, up 19.8% from a year earlier and just shy of the CHF 100 billion milestone. Net new money inflows reached CHF 5.1 billion, close to an all-time high, while client accounts grew by 64,011 to 1,220,818. Net revenues rose 1.7% to CHF 364.2 million, with most revenue streams showing double-digit growth: fee and commission income up 13%, trading income up 15.8%, and eForex income up 9.1% on the back of volatile precious metals and commodities.

However, net crypto assets income tumbled 66.2% to CHF 14.6 million. Swissquote attributed this to geopolitical tensions, higher interest rates, and a stronger US dollar, which pressured digital asset prices. The figure also included a CHF 5.3 million negative mark-to-market adjustment tied to the inventory backing its own crypto exchange, SQX.

Costs increased 4.6% to CHF 181.3 million, driven by higher depreciation (up 28.7%) and marketing spend (up 14.4%), partly due to the full consolidation of Yuh, which Swissquote now wholly owns after buying out PostFinance's stake in late 2025. Pre-tax profit was essentially flat at CHF 182.9 million, down 1.2%, with a pre-tax margin still above 50%. Headcount rose 13.7% to 1,511 employees, reflecting investments in technology and AI.

Yuh, the mobile finance app, grew its client base to 423,409 accounts, up 6.1% since end-2025, and client assets rose 9.9% to CHF 4 billion. The unit posted a pre-tax loss of CHF 1 million for the half but management expects full-year break-even. The company also signed a sponsorship deal with BSC Young Boys and rolled out an early AI assistant, Yuhlia.

Swissquote's capital ratio stood at 25.2% as of June 30. Total balance sheet assets reached CHF 16.9 billion, close to the CHF 17 billion threshold that would trigger reclassification from a FINMA category 4 to category 3 bank, which would increase minimum capital requirements. This regulatory shift is something retail traders should monitor, as it could impact the broker's operational flexibility.

For retail forex and CFD traders, Swissquote's diversified revenue base – beyond crypto – appears resilient. The decline in crypto income might reduce volatility-driven trading opportunities for some clients, but the overall growth in client assets and net new money suggests continued trust in the platform. The stronger US dollar, cited by Swissquote, has implications for currency pairs but is not a central-bank policy shift.

This is information, not investment advice.